4 Questions To Ask Your Accountant During Tax Season

It’s just around the corner: Tax Season. Nobody’s going to sing “it’s the most wonderful time of the year”, but it’s as inevitable as Christmas. Give yourself the gift of peace of mind and the best tax return possible by getting together questions to ask your accountant. This will help you stay on the IRS’s “Nice List” because you do NOT want to get on their “Naughty List”.

At Hacker Accounting, we have years of experience helping our clients save the most money possible on their tax returns. We know the important questions you should ask your accountant when it’s time to render unto Caesar. Ask these four tax questions to get your taxes done the right way.

What deductions can I take?

Deductions are an essential part of saving money as a business. One of the first questions you should ask your accountant is what deductions you are eligible for. But just as important a question to ask is which deductions and write-offs you CAN’T take. Few things will land you in hot water come tax season faster than writing off the wrong things or filing deductions that you aren’t eligible for. A good accountant will be diligent and knowledgeable to pour through your taxes and make sure that you’ll get the maximum return back without biting off more than you can legally chew.

What Kind Of Documentation Do I Need?

In order to properly prepare your taxes, you need to leave a paper trail throughout the year. Talk to your accountant about what kind of records you need to have ready for tax season, and if there are any gaps in your records what options you have for accounting for them. The more thorough and comprehensive your records are, the less likely you are to be audited by the IRS. You should be able to account for every expense your business makes. If you find keeping all those records and receipts to be overwhelming, ask your accountant to help you come up with a better way of storing and organizing them.

Can You Review My Last Tax Return?

After your accountant has helped you look forward to the future by preparing your current return, ask them to look at last year’s return. You should definitely ask them to do so if you’ve been doing your own taxes in the past. If you made any errors in the past or overpaid your taxes they’ll be to pick up on it. They may also notice trends or changes in your business depending on how different your current return is compared to last year’s.

What can I do if can’t afford this tax bill?

If it turns out you can’t pay off the taxes you owe, ask your accountant about your options. They can help you set up a monthly payment with the IRS or see if you qualify for an extension. They may also be able to help you figure out places where you can trim the fat on your budget to free up the funds you need to settle up with the IRS.

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Chris has been working in the bookkeeping and accounting field for over 15 years preparing business, income and payroll taxes. Chris has a bachelor’s degree from Arizona State and is an Enrolled Agent with the Internal Revenue Service.